Seven arrested in &pound;28m fraud inquiry

Seven people were arrested in the south of England in connection with a £28m share fraud investigation, the City watchdog said.

Financial investigators and police swooped on a number of properties in Surrey, West Sussex, London and Hertfordshire, the Financial Services Authority (FSA) said on its website yesterday.

Officials from several European law enforcement agencies, including the anti-money laundering unit of the Malta Police, were part of the so-called boiler room investigation which covered Britain and Europe.